Bitcoin continues to face sell-side sensitivity around the $80,000 level as unrealized profit and loss metrics cross above zero across all investor cohorts, contributing to a slowdown in price momentum.
According to data from onchain analytics platform CryptoQuant, older coins experienced a notable reactivation as the BTC/USD trading pair gained more than 25% over the course of a week. The spent output profit ratio (SOPR) climbed to 1.48 on August 22, highlighting increased onchain activity involving in-profit coins.
As prices consolidated near $79,500, the ratio dividing the SOPR of short-term holders by that of long-term holders reached 1.4, marking its highest reading since July 25. CryptoQuant defines short-term holders as wallets holding Bitcoin for up to six months, while long-term holders exceed that timeframe. Commentary noted that long-term holders initially realized profits at a higher relative rate, though the ratio later shifted to 0.93, indicating stronger realized performance from short-term holders.
With all holder cohorts now in aggregate profit, analysts point to supply absorption as a central hurdle. CryptoQuant stated that the primary question is whether new demand can absorb selling from profitable holders, potentially driven by the return of inflows to United States spot Bitcoin exchange-traded funds.
Meanwhile, indicators show that broader United States investor demand remains subdued. The Coinbase premium—measuring the price difference between Coinbase and Binance trading pairs—has remained mostly negative throughout 2026. While it moved briefly above zero during a price break past $78,500, the metric measured -0.015 as of Wednesday, improving from -0.094 at the start of August. Analysts note that a sustained move into positive territory for the Coinbase premium would signal stronger renewed United States spot demand.
